Bursa Malaysia Opens Higher, CI Adds 4.8 Pts

KUALA LUMPUR, Aug 22 (Bernama) -- Buying in selected heavyweights lifted Bursa Malaysia at the open on Friday, extending the previous day’s gains, while sentiment stayed cautious over the global economic outlook, a dealer said.

At 9.10 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.80 points to 1,597.67 from 1,592.87 at Thursday’s close.

The benchmark index had opened 0.93 of-a-point firmer at 1,593.80.

Market breadth was positive, with 194 gainers outpacing 127 decliners, while 272 counters were unchanged, 2,001 untraded and 12 suspended. Turnover stood at 184.96 million shares worth RM94.62 million.

Malacca Securities Sdn Bhd said in a note that despite the selldown on Wall Street, the local market could stay supported, led by the Utilities sector.

“Wall Street extended its losing streak as weakness in retail and tech weighed on sentiment. Walmart tumbled on mixed earnings, while artificial intelligence (AI) optimism was dented by a Massachusetts Institute of Technology report highlighting poor returns on investment in AI.

“Meanwhile, jobless claims came in higher than expected, suggesting a slowing labour market. Investors will turn to Jerome Powell’s upcoming speech at Jackson Hole for clues on the path of interest rates,” it said.

Among the heavyweights, Maybank and Tenaga Nasional rose 6.0 sen each to RM9.84 and RM13.70, respectively. Public Bank added 2.0 sen to RM4.47, CIMB gained 1.0 sen to RM7.46, while IHH Healthcare was flat at RM6.81.

In actively traded stocks, Widad eased half-a-sen to 1.5 sen, Ivory Properties slipped 1.5 sen to half-a-sen, while SFP Tech and Reneuco added half-a-sen each to 16 sen and 3.5 sen, respectively.

On the broader market, the FBM Emas Index rose 33.72 points to 11,834.63, the FBM 100 Index was up 34.82 points to 11,617.25, the FBM Emas Shariah Index climbed 31.68 points to 11,749.61, and the FBM Mid 70 Index advanced 49.55 points to 16,585.77. The FBM ACE Index slipped 3.39 points to 4,704.94.

By sector, the Financial Services Index gained 72.13 points to 18,256.28, the Plantation Index added 6.21 points to 7,612.73, the Energy Index was 0.30 of-a-point higher at 751.03, and the Industrial Products and Services Index edged up 0.30 of-a-point to 163.97.

-- BERNAMA